Bank nifty weekly analysis!
Bank nifty has given a break out in the 1 hr TF chart but while looking at the larger picture, the weekly chart suggests that it hit the resistance trendline and retraced a bit. Unless it breaks the trendline on Monday or Tuesday, the upcoming week can end up being a red candle.
SBI, ICICI and HDFC bank have given a break out and therefore we can except Bank nifty to continue going up the upcoming weak.
Kotak Bank is also at support and so that will also aid to the upmove of Bank nifty.
Nifty is also near resistance. A break out in both the indices is possible. Fresh long trades can be entered on break out of the trendline.
SBI, ICICI and HDFC bank have given a break out and therefore we can except Bank nifty to continue going up the upcoming weak.
Kotak Bank is also at support and so that will also aid to the upmove of Bank nifty.
Nifty is also near resistance. A break out in both the indices is possible. Fresh long trades can be entered on break out of the trendline.
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